Weekly Columns Archives - Philip J Milton & Company Plc

Planning ahead: Money changes still to come in 2023

Pound coins pile with small plastic house on top

What else is likely to happen in the months ahead to affect your outgoings and money matters, especially with costs continuing to increase, at least in the short term? London-based newspaper Metro has undertaken an interesting exercise looking at possible changes to household bills still to come in the rest of this year. Most are fairly...

When will the State Pension age go up?

News the state pension age is unlikely to rise to 68 will be welcome for those seeking to banish uncertainty from their retirement plans. A week is a long time in politics, let alone 17 years, but the Work and Pensions Secretary Mel Stride has said it is likely to be ‘2040 or thereabouts’. He said...

Pension customers ‘overpaying’ thousands in temporary tax

Those who have made flexible withdrawals from their pension pot could have paid thousands more in tax than they should have done – if only temporarily. New figures show the ‘temporary overpayment’ is more than £1billion since 2015 and £48million in the first three months of this year alone. HM Revenue and Customs (HMRC) will repay...

Are you now liable for Inheritance Tax?

Inheritance Tax has become a ‘mainstream tax’ for many and people are being warned to put their finances in order to make passing on their wealth to the next generation as tax efficient as possible. The Government has taken £7.2billion in Inheritance Tax (IHT) receipts for the 2022-23 tax year, HMRC figures have revealed and...

Will pensions ‘political football’ stay on the pitch?

The removal of the lifetime allowance (LTA) from pensions in the Spring Budget was widely welcomed by most independent financial advisers (IFAs), but recent research has shown that many believe it will not last. A survey by Standard Life has shown that more than two thirds (69%) of IFAs think that planning around the LTA...

UK stock market is one of the best for dividends

Despite the cost of living crisis, high interest rates and ongoing uncertainty, 2023 looks set to be the 'year of the dividends' for investors and in that regard the UK remains one of the best-valued markets around. A recent study of markets by Evelyn Partners said the firm was expecting investors to seek securities yielding...

Would you remove your own appendix to ‘save money’?

Would you begin dismantling your household pipes without knowledge to find a leak or would you call a plumber? Would you remove your own appendix with just a scalpel and a little alcohol, knowing roughly where it was and not having a clue what was connected to it or any hidden dangers? It is...

What is the cost of retirement?

Have you considered how you will manage when you retire? Unfortunately, many people don’t and a recent study has shown the amount needed to have a ‘comfortable’ retirement is increasing. According to data from the Pensions and Lifetime Savings Association, the minimum cost of retirement is up by about 20% from 2021 to 2022. That means...

It’s never too early to save for the next generation

With fears about the cost of living and the potential worry of how your children or grandchildren might secure a foot on the property ladder, it is never too early to start saving for the next generation. Traditionally it was to start a savings account and pay a bit in regularly but there are a...

Capital Gains Tax window is almost closed

Time is running out for anyone who wants to make use of the current £12,300 Capital Gains Tax allowance before it plummets to £6,000 at the start of the new tax year this April and then to just £3,000 from April 2024. CGT is a tax on the profit a person makes when they sell...

Planning ahead: Money changes still to come in 2023

When will the State Pension age go up?

Pension customers ‘overpaying’ thousands in temporary tax

Are you now liable for Inheritance Tax?

Will pensions ‘political football’ stay on the pitch?

UK stock market is one of the best for dividends

Would you remove your own appendix to ‘save money’?

What is the cost of retirement?

It’s never too early to save for the next generation

Capital Gains Tax window is almost closed

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Philip J Milton & Company Plc

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